Paulson Backs Globalization, China

Article excerpt

Byline: Anna Marie Kukec Daily Herald Business Writer

akukec@@dailyherald.com

U.S. Treasury Secretary Henry Paulson Jr. said Friday area companies should embrace globalization, including trade with China, to help boost profits here.

But China needs to move quickly with its own reform before companies here will relax their views of alleged currency manipulation, intellectual property theft and under-cutting prices.

"We need to seize this opportunity now," Paulson said during an interview."... The vast majority don't feel trade benefits are shared fairly, but we're working on that."

Paulson was in the Chicago area Thursday and Friday, including a visit at Chicago-based Atlas Material Testing Technology, which manufactures equipment that simulates weather conditions for clients who want to test their products' durability.

He talked on a wide array of international topics, and his Barrington Hills roots were quite evident.

On Thursday, he had dinner with his mother, stayed at his Barrington Hills home and watched the Cubs game.

Before leading the Treasury, Paulson was chairman and chief executive officer of Goldman Sachs in Chicago. He joined the firm in 1974.

On Friday, he made a few stops, including at Atlas, where he told workers trade and globalization are vital for American companies to prosper.

"Globalization is here to stay, and it is important that we continue to benefit from it rather than retreat into isolationism," Paulson said. …